Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

The Company’s goodwill and intangible assets consist of the following:


	December 31, 2022						December 31, 2021
(in thousands)	Gross Carrying Amount		Accumulated Amortization and Other		Net		Gross Carrying Amount		Accumulated Amortization and Other		Net
Goodwill - Broadband	$	3,244	$	—	$	3,244	$	3,244	$	—	$	3,244
Indefinite-lived intangibles:
Cable franchise rights	$	64,334	$	—	$	64,334	$	64,334	$	—	$	64,334
FCC spectrum licenses	12,122		—		12,122		13,839		—		13,839
Railroad crossing rights	141		—		141		141		—		141
Total indefinite-lived intangibles	76,597		—		76,597		78,314		—		78,314

Finite-lived intangibles:
FCC spectrum licenses	—		—		—		6,811		(672)		6,139
Subscriber relationships	28,425		(26,910)		1,515		28,425		(26,451)		1,974
Other intangibles	488		(329)		159		463		(303)		160
Total finite-lived intangibles	28,913		(27,239)		1,674		35,699		(27,426)		8,273
Total goodwill and intangible assets	$	108,754	$	(27,239)	$	81,515	$	117,257	$	(27,426)	$	89,831

Amortization expense was $0.7 million, $0.8 million and $0.7 million for the years ended December 31, 2022, 2021 and 2020, respectively.

During the third quarter of 2020, the Company was awarded certain indefinite-lived Citizens Broadband Radio Service (“CBRS”) spectrum licenses to be used within the Broadband segment. The Company paid an aggregate deposit of $16.1 million with respect to the licenses subject to final approval and issuance by the FCC. The licenses will provide us priority access rights over general access users other than incumbents, in that specific band, in accordance with the FCC’s three-tier CBRS band spectrum sharing framework. The FCC approved the Company’s final application for the licenses in the third quarter of 2022, resulting in the issuance of the licenses with a deposit value of $12.1 million. The Company recorded these licenses as indefinite-lived intangible assets. These licenses are not subject to the Spectrum Transaction described above. The remaining $4.0 million of the deposit was returned to the Company in the form of a cash refund in the fourth quarter of 2022.

As described in Note 5, Property, Plant and Equipment, the Company entered into the Spectrum Purchase Agreement to sell FCC spectrum licenses associated with Beam. As a result of the expected sale, the Company concluded that the FCC spectrum licenses met the held-for-sale criteria; accordingly, $13.8 million of indefinite-lived licenses and $5.9 million of finite-lived licenses are presented as held for sale, along with the corresponding $3.8 million of operating lease liabilities related to the finite-lived licenses. The Company evaluated the events described here and in Note 5, Property, Plant and Equipment and determined that these events do not represent a strategic shift in the Company’s business.

Our finite-lived intangible assets are amortized over the following estimated useful lives:


						Estimated Useful Life
Subscriber relationships						3 - 10 years
Other intangibles						15 - 20 years

The following table summarizes expected amortization of intangible assets at December 31, 2022:


(in thousands)	Amortization of Intangible Assets

2023	$	489
2024	489
2025	483
2026	103
2027	65
Thereafter	45
Total	$	1,674